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- October 26, 2016
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So how much will truly be eliminated? What financial debts will I continue to be left with? Is Bankruptcy actually going to assist me get a fresh start?
When it relates to Bankruptcy in Gladstone I commonly have individuals either stressed that their financial obligations won’t be removed, or will have no idea that bankruptcy doesn’t really address everything. So before you get too caught up with Bankruptcy please ensure that the sort of financial debt you possess is actually one that Bankruptcy will wipe clean!
As a whole, when it relates to Bankruptcy, most financial debts are eliminated, but I have generated a convenient table to help you out:
So as you can observe, some of the exceptions are Centrelink Debts, Child Support, Court fines (like speeding fines) and any financial obligations occurring from uninsured Motor-vehicle insurance claims and academic financial obligations that include HECS or FEE-HELP. These kinds of debts are not cleared away when you declare bankruptcy.
But what happens with Bankruptcy and Secured Debts?
A secured debt is debt that has some kind of security connected to the financing– such as a car or house loan where the property is the security– the difference with these forms of liabilities is that whenever you remove them you will lose the security.
So if you have a $30,000 car loan, you can remove the debt through bankruptcy by simply offering the car back. This is just one facet that, when it concerns Bankruptcy, it is essential to get experienced help – like that offered at Bankruptcy Experts Gladstone since it just isn’t always as straightforward, but you need to be practical and consider that you can not always retain the possession. Do not hesitate to contact us at Bankruptcy Experts Gladstone if you have any kind of concerns on 1300 795 575. Or don’t hesitate to head to our website: www.bankruptcyexpertsgladstone.com.au
What about my business or Company debts?
Sometimes when it features Bankruptcy we can help you with your business liabilities, call us concerning this first. Bear in mind bankruptcy relates to an individual not companies, trusts or businesses. Normally you may have to liquidate a business to handle the debt this way. When it comes to Bankruptcy, it could be an intricate aspect, so remember there are implications for a business owner including insolvent trading.
So what about Tax Debts?
Both business and personal debts owing to the ATO might be removed with bankruptcy. If you have a business with any kind of debt get some advice because it is not often so easy when it comes to Bankruptcy because every single debt is going to be varied which will affect the degree that it can be removed, and the ramifications it will have for Bankruptcy.
At Bankruptcy Experts Gladstone we are experts in business and personal financial debts and can better discuss the exceptions to bankruptcy and what this will mean for you and your personal debts. So contact Bankruptcy Experts Gladstone if you have any concerns regarding Bankruptcy on 1300 795 575. Or don’t hesitate to go to our website: www.bankruptcyexpertsgladstone.com.au